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"During my two terms as Governor and now in the United States Senate, it has always been more about the people I was able to help than the job I held. As you know I have been exploring helping the people of my state and our country in a different capacity. After talking with family and friends over the past several days, I have decided that this is not the year for me to run for President and I will not be a candidate for the presidency in 2008. It wasn't an easy decision but it was the right one for my family, my friends and my state. I have always prided myself on putting my public responsibilities ahead of my own ambitions.

The odds were always going to be very long for a relatively unknown candidate like myself, a little bit like David and Goliath. And whether there were too many Goliaths or whether I'm just not the right David, the fact remains that at the end of the day, I concluded that due to circumstances beyond our control the odds were longer than I felt I could responsibly pursue. This path -- and these long odds -- would have required me to be essentially absent from the Senate for the next year instead of working to help the people of my state and the nation.

I am immensely grateful for the support of my family and friends and the thousands of people around the country who helped me with their time and their resources. There may be no campaign in the near future, but there is much work to be done. When the Senate returns, I will focus on the issues that matter to the people of my state and are critical to the future of the nation including reducing our dependence on foreign oil, creating opportunity for middle class families, and implementing a national security strategy that is both tough and smart."

This morning (Sunday, December 3), Evan Bayh on ABC's This Week said he will formally launch a presidential exploratory committee.

"Later this week, I will be forming an exploratory committee to take the next practical step. I'll make a final decision over the holidays with my family and have some final decision to announce early next year."